Friday's Top Analyst Upgrades and Downgrades: Bed Bath & Beyond, Caterpillar, Costco, Nvidia, Pure Storage, Seagate, Taiwan Semiconductor and More

The futures were higher Friday, as we get ready to end a dreadful trading week. Many across Wall Street are more than ready for the long Labor Day weekend holiday. The nonfarm payroll report came in pretty much as expected, with the economy adding 315,000 new jobs, versus expectations for 298,000.

All the major indexes were initially hit with more selling Thursday, as the tech-heavy Nasdaq and the Russell 2000 were both down over 2% by the noon hour. However, stocks staged a late-day rally, with both the Dow Jones industrials and the S&P 500 posting small gains by the close, with the other two indexes narrowing losses.

Treasury yields exploded higher Thursday, as the sellers came in big time. All across the Treasury curve, double-digit basis-point increases pushed yields up 4% and higher. The two-year yield exploded over the 3.50% level, the highest for that government security since 2007. The inversion with the 10-year note, which closed at 3.27%, has narrowed recently but still remains a possible harbinger of recession.

The good news for beleaguered consumers is both Brent and West Texas Intermediate crude traded lower Thursday, once again on global growth concerns. Both closed down over 3% with WTI sinking below the $90 level to close at $86.39. The only winner in the energy complex was once again natural gas, which closed higher after it was reported that U.S. natural gas consumption for power generation hit a record high in July, and demand for the energy source is only continuing to grow around the world.

Both gold, which slid under the $1,700 level for the first time in over a year, and Bitcoin, which closed below $20,000 again, were weak, following the overall market lead.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.

These are the top analyst upgrades, downgrades and initiations seen on Friday, September 2, 2022.

AerSale Corp. (NASDAQ: ASLE): Stifel initiated coverage with a Buy rating and a $23 target price. The consensus target is $20. The shares closed over 3% higher on Thursday at $19.98.

Bed Bath & Beyond Inc. (NASDAQ: BBBY): Baird reiterated an Underperform rating with a $4 target price, the same as the consensus for the troubled retailer. The stock closed almost 9% lower on Thursday at $8.71, as the stock has been a wild meme stock ride over the past month, and the company announced a massive restructuring. Inc. (NYSE: CARS): As inflation raises MSRP, the online portals get more competitive and margins get hit, says Zacks of its Bear of the Day. The stock has traded as high as $19.09 a share in the past year but closed most recently at $12.36. That is down more than 23% year to date.

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